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OverviewFull Product DetailsAuthor: Lane MortonPublisher: Risk Books Imprint: Risk Books Dimensions: Width: 15.50cm , Height: 5.30cm , Length: 24.00cm ISBN: 9781899332632ISBN 10: 1899332634 Pages: 730 Publication Date: 01 April 2002 Audience: College/higher education , Professional and scholarly , Undergraduate , Postgraduate, Research & Scholarly Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsIntroduction Morton Lane, Lane Financial, LLC PART I : PRODUCT TYPES FOR TRANSFERRING, FINANCING, TRANSFORMING AND RETAINING RISK. 1 Reinsurance vs. Other Risk-transfer Instruments - the Reinsurer's Perspective. Kenneth J. Bock and Manfred W. Seitz, Munich Re 2 Managing Risk using Index-linked Catastrophic Loss securities J.David Cummins, David LaLonde and Richard D. Phillips, Wharton, AIR and GSU 3 Catastrophe Bonds. David Mocklow, John DeCaro and Matthew McKenna, Cochran-Coronia 4 Industry Loss Warrantees. Enda McDonnell, Access Re 5 Risk Swaps. Yuichi Takeda, The Tokio Marine and Fire Insurance Company Co. Ltd 6 Contingent Capital and the Art of Corporate Finance Christopher L. Culp, University of Chicago 7 Contingent Covers. Bryon Ehrhart, Aon 8 Finite Risk Insurance and Reinsurance. Oscar Tymon, Centre Solutions 9 Captives Paul WOhrmann and Christoph Burer, Zurich Financial Services PART II : THE PRICE OF RISK AND ITS VOLATILITY. 10 Catastrophe Risk Pricing in the Traditional Market . John A. Major and Rodney E. Kreps, Guy Carpenter 11 Pricing of Catastrophe Bonds. Shaun Wang, SCOR 12 Implications of Market Shocks: Capacity, Price Volatility and the Value of Transparency. Joan Lamm-Tennant, General Cologne Re PART III: ASSESSING INDIVIDUAL RISKS BY MODELLING 13 Natural Catastrophe Loss Modelling Mahmoud Khater and Dennis E. Kuzak, EQECAT 14 Quantifying Insurance Terrorism Risk. Gordon Woo, RMS 15 Weather Risk Modelling for Improved Weather Risk Management Mark Gibbas and S. Ming Lee, AIR 16 The ART of Dependence Modelling: The Latest Advances in Correlation Analysis Peter Blum, Alexandra Dias and Paul Embrechts, Swiss Federal Institute of Technology 17 Economic Modelling: The Residual Valuation and Lease Income Streams of Aircraft Fleets. Derrell Hendrix and Neil Hohmann, RisConsulting PART IV: INDUSTRY-SPECIFIC PRACTICES AND SOLUTIONS 18 Industry-specific Practices and Solutions: Credit Solutions Provided by Insurance Companies Uwe E. Remy and Daniel Grieger, Swiss Re 19 Securitisation of Life Insurance Businesses Michael Millette, Shiv Kumar ,Omar J Chaudhary, Goldman Sachs and Company Jacqueline M. Keating and Steven I. Schreiber, Milliman USA 20 The Origin of Contingent Liabilities. Stephen Hough, BAE Systems 21 Private Equity Capital Guarantee Structures. Gabriele Zeindler, Swiss Re 22 Applying Insurance Techniques and Structures to Manage Merger Risk. David Govrin and Andrew Kaiser, Goldman Sachs 23 The Role of Hedge Funds as Asset Managers in Pension, Life and Annuity Portfolios, and Property-Casualty Reinsurance Covers. David K. A. Mordecai, Clinton Group Inc PART V: PORTFOLIO CONSIDERATIONS 24 The Cost of Risk and Cost of Capital in Capital-Budgeting and Risk Transfer Decisions. Neil Doherty, University of Pennsylvania 25 Correlation in Risk Portfolio Management. Bill Riker, Renaissance Re 26 Integrated Simulation Techniques. Michael Steel, Benfield Group 27 Improving Portfolio Performance with Catastrophe Bonds. John Kiernan & David Heike, Lehman Brothers 28 Amending Lloyds Risk-based Capital Model for Financial Guarantee and Credit Insurance Peter Allen, Derek Bain, Tony Jones and Samit Shah, Ernst and Young PART VI: OTHER PERSPECTIVES 29 Accounting Issues in Finite Reinsurance and Alternative Risk Transfer Products. Mike Brosnan, Ernst and Young 30 Legal Risks Mitigating Document Risk - Some Hard Lessons Learned. Clive O'Connell, Barlow, Lyde & Gilbert 31 Alternative Risk Strategies - Regulation. Nigel Davies, Financial Services Authority 32 Alternative Risk Transfer and Financial Stability. David Rule, Bank of England Afterword - Whither securitisation? Morton Lane, Lane Financial LLCReviewsReviewed by James Brewer, Lloyds List In-depth look at alternative risk Michael Steel is used to dealing in massive insurance coverages, writes James Brewer. He worked on a 500m dollar nuclear placement in 1994 and the 2.3bn dollar limit loss portfolio-transfer-sale for CGNU at Lloyd's at the end of 2000. What the two deals had in common was that they were both done by means of alternative risk transfer. Now head of Benfield Remetrics at the Benfield group, Mr Steel is one of 55, yes 55, contributors to a weighty new book, Alternative Risk Strategies. This must be the most comprehensive book on the subject to date, which is reflected in the quality, quantity and depth of essays. One contains algebraic formulae reflecting a firm's financial claims and their seniority, another has equations on the probability distortion of catastrophe bonds. Elsewhere, there is discussion of taxation issues for captive insurers and of equity implications of terrorism for reinsurers and brokers. Little wonder nearly 700 pages are required to run the gamut from weather risk modelling to quantifying terrorism risk - Gordon Woo of Risk Management Solutions produces an event tree showing detection and thwarting of planned attacks to estimate the probability of a big insured loss. As editor, Morton Lane says in his introduction, despite the tremendous amount of creative and experimental energy expended on the subject in the past 10-15 years, much has only partially seen the public light of day. Important things are going on in the hinterland between finance and (re)insurance. Given his allegiance, Mr Steel unsurprisingly advocates simulation methods to allow insurers and reinsurers to model the assumption of risk, especially where complex contracts are written. An insurance company has to protect itself especially against the financial impact of large events such as a Florida hurricane or a California earthquake. Modelling techniques are of great benefit to underwrite products of standard format, but an absolute necessity for bespoke solutions that cater for specific clients. A closely studied section will be that written by Nigel Davies of the Financial Services Authority. He says the uncertainties associated with alternative risk transfer have driven much of the business into jurisdictions with permissive, unobtrusive regulation. Yet regulation per se is not one of the major costs, he says. A more important driver is the mitigation of tax liability . He says regulators and lawmakers would appreciate an open, candid dialogue with market participants, through market associations if necessary, so that a balance of interests is fairly struck. Author InformationMorton Lane is the President of Lane Financial, LLC, a broker-dealer engaged in consulting and transaction activity at the intersection of the reinsurance and capital markets. He is also a director of Select Re, Bermuda. Previously, Morton has been senior managing director of the Capital Markets Division at Gerling Global Financial Products (GGFP), President of Discount Corp of New York Futures, senior managing director and head of commodities of Bear Stearnes & Co, president of Lind-Waldock, investment officer for The World Bank, and lecturer at the London Graduate School of Business Studies. Morton is a prominent speaker on insurance and securitisation and has written numerous articles on the subject. In 2001, he was awarded the Charles A. Hachemeister Prize for his article on Pricing Risk Transfer Transactions published in the Actuarial Studies in Non-life Insurance (ASTIN) Bulletin. He has co-authored two books, The Treasury Bond Basis and Eurodollar Futures. He has also designed and taught courses at the University of Chicago Graduate School of Business. Morton earned his B Soc SC from Birmingham University, and his PhD in mathematics, business administration and computer science from the University of Texas. Tab Content 6Author Website:Countries AvailableAll regions |
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